Anticipated: Bitcoin’s Value Dips Below $43k, Predicted Stability Lies Ahead
Bitcoin, or BTC, experienced a drop in price below $43,000 as the wider cryptocurrency market cooled down. However, data indicates that Bitcoin remains stable with lower volatility.
Over the past 24 hours, BTC saw a 0.9% decline and is currently trading at $42,800. Its market capitalization remains above $838 billion, with a daily trading volume exceeding $24 billion.
According to market intelligence platform Santiment, Bitcoin’s Relative Strength Index (RSI) increased from 47 to 65 in the past 24 hours. With the RSI slightly above the crucial 60 mark, it suggests a potential price increase.
It is common for the crypto market to cool down during the week between Christmas and New Year’s Day. The global cryptocurrency market capitalization also experienced a 0.6% decline in the past day, dropping from $1.67 trillion to $1.65 trillion.
Furthermore, Bitcoin whale activity has been decreasing over the past four days. According to Santiment, the number of whale transactions involving at least $100,000 worth of BTC went from 15,295 trades on December 22 to 6,379 unique transactions at the time of reporting.
On the other hand, Bitcoin’s total open interest (OI) increased by approximately $120 million in the past 24 hours, rising from $7.31 billion to $7.43 billion.
As the total OI rises, the BTC Binance funding rate indicates an increase in long-position holders, surging from 0.01% to 0.03%, according to Santiment.
A report on December 24 revealed that Bitcoin miners’ revenue has surged by 400% this year.
Bitcoin’s impressive 153% rally over the past year began after the asset hit a local bottom of $15,800 following the collapse of the FTX crypto exchange last year.
